As we go forward, we'll be closely watching the launch of OCREVUS. Overall, we anticipate a negative impact to our portfolio that'll be partially offset by the royalties that we receive.

as we go forward we'll be closely watching the launch of ocrovist overall we anticipate a negative impact to our portfolio that will be partially offset by the royalties that we receive


we can continue to grow in our targeted verticals. With that, I'd like to turn the call over to Bill for our financial review. Thanks, Burton.

we can continue to grow in our targeted verticals with that i'd like to turn the call over to bill for our financial review thanks burton


building working capital in the first part of the year and sort of bringing that back in, in the last half. But there's really been no structural changes outside of the fact that when we do acquisitions, they almost always have

building working capital in the first part of the year and sort of bringing that back in in the last half but there's really been no structural changes outside of the fact that when we do acquisitions they almost always have


The group also supported 3 successful Trident II D5 fleet ballistic missile test flights that are powered by our solid rocket motors and 2 United Launch Alliance space launches that used our propulsion and structures.

the group also supported 3 successful trident ii d5 fleet ballistic missile test flights that are powered by our solid rocket motors and 2 united launch alliance space launches that used our propulsion and structures


Given the significance and complexity of U.S. tax reform, we continue to analyze all aspects of the new legislation and may adjust this onetime charge as necessary over the course of the year.

given the significance and complexity of u s tax reform we continue to analyze all aspects of the new legislation and may adjust this onetime charge as necessary over the course of the year


to deliver on that and it sounds like you're putting that maybe a little bit at the front of the line and that could be some of the reason why your retail backlog grew as much as it did. But


on what is the lowest base. I was wondering, and I understand it's early in the program, but where are you in terms of growing the services business compared to your early expectations that you laid out?

on what is the lowest base i was wondering and i understand it's early in the program but where are you in terms of growing the services business compared to your early expectations that you laid out


As previously mentioned, Commercial Vehicle market data has also been encouraging in recent months, suggesting that our volumes in this end market could be supported by slightly stronger industry demand than we had earlier assumed.

as previously mentioned commercial vehicle market data has also been encouraging in recent months suggesting that our volumes in this end market could be supported by slightly stronger industry demand than we had earlier assumed


many businesses in Marvell where they have a strong -- where we have a strong leadership position and a strong base of profitability. And actually in some of those businesses, even where have

many businesses in marvell where they have a strong -- where we have a strong leadership position and a strong base of profitability and actually in some of those businesses even where we have


And if you go to the website, you'll be able to see some of the things that are actually occurring around the can. I think it'll give you an idea, but continue to be very excited about it. Also, since that meeting in New York, we've have had 3 or 4 new

and if you go to the website you'll be able to see some of the things that are actually occurring around the can i think it'll give you an idea but continue to be very excited about it also since that meeting in new york we've had 3 or 4 new


or modest increase in sample size. Just wanted to confirm whether there might be any triggers for a potential trial stoppage on either efficacy or futility at that point.

or modest increase in sample size just wanted to confirm whether there might be any trigger for a potential trial stoppage on either efficacy or futility at that point


Can we assume that you are done with your buyback? Or are you still kind of opportunistically evaluating your stock and kind of market conditions?

can we assume that you are done with your buyback or are you still kind of opportunistically evaluating your stock and kind of market conditions


The way we respond to that is basically that we even more so focus on our efficiency improvements that have not been

the way we respond to that is basically that we even more so focus on our efficiency improvements efficiency improvements that have not been


we're expecting a good portion of those to be in service this year. We are, just as a reminder, about a year behind with putting those assets in service as a result of the delays in the Massachusetts market.

we're expecting a good portion of those to be in service this year we are just as a reminder about a year behind with putting those assets in service as a result of the delays in the massachusetts market


David is leaving us in a strong position to build upon our success and execute on the substantial growth opportunity that exists for this very unique concept.

david is leaving us in a strong position to build upon our success and execute on the substantial growth opportunity that exists for this very unique concept


I know all you guys have to run to many other calls and you have got a very busy Friday evening, so I won't take more of your time. Thank you very much for sparing the time and being on this call. And

i know all you guys have to run to many other calls and you have got a very busy friday evening so i won't take more of your time thank you very much for spending the time and being on this call and


For instance, we continue to see good order flow in the industrial areas of our business with portable gas detection and industrial head protection posting double-digit revenue increases in the first quarter.

for instance we continue to see good order flow in the industrial areas of our business with portable gas detection and industrial head protection posting double-digit revenue increases in the first quarter


Got it. Very helpful. And then as a follow-up, can you discuss how much input cost inflation you're currently seeing as it relates to labor and materials? And what proportion of that you believe you can pass on to customers?

got it very helpful and then as a follow-up can you discuss how much input cost inflation you're currently seeing as it relates to labor and materials and what proportion of that you believe you can pass on to customers


Your Independent Grocer business. And we're seeing a really terrific response in those markets, essentially a fundamental upgrade in the full service conventional proposition that is being made available to those consumers.

your independent grocer business and we're seeing a really terrific response in those markets to essentially a fundamental upgrade in the full-service conventional proposition that is being made available to those consumers


a model whereby they are becoming more verticalized and they are investing in IT platforms

a model whereby they are becoming more verticalized and they are investing in it platforms


And I am tremendously proud of the hard work from all of the Amicus employees around the world that advance our mission every day. And I look forward to providing updates to our investors on our progress we are making throughout this year.

and i am tremendously proud of the hard work from all of the amicus employees around the world that advance our mission every day and i look forward to providing updates to our investors on our progress we are making throughout this year


So we do think we'll see some repricing. We think that some of our competitors will come under more stress than we will because they're more by way of more monoline deposit takers and mortgage banks, particularly in our home market.

so we do think we'll see some repricing we think that some of our competitors will come under more stress than we will because they're more -- by way of more monoline deposit takers and mortgage banks particularly in our home market


Now that our partners can scope the project, negotiate the terms and keep all the revenue, they have an incentive to help us sell more, which can drive growth in recurring revenue.

now that our partners can scope the project negotiate the terms and keep all the revenue they have an incentive to help us sell more which can drive growth in recurring revenue


I think we're going to see when there's a lot of money on the table in those last few weeks, the people that are using it are liking it a lot. So I think it's a matter of adoption. But honestly, we don't have a good handle

i think we're going to see when there's a lot of money on the table in those last few weeks the people that are using it are liking it a lot so i think it's a matter of adoption but honestly we don't have a good handle


the more we believe we're on the beginning of a powerful new wave. Applied Materials is on the critical path. Those trends depend on what Applied does best.

the more we believe we're on the beginning of a powerful new wave applied materials is on the critical path those trends depend on what applied does best


I strongly believe that the most exciting days for the industry and Applied are ahead of us. Over the next decade, AI and big data will transform almost every sector of the economy

i strongly believe that the most exciting days for the industry and applied are ahead of us over the next decade ai and big data will transform almost every sector of the economy


of results, not 9 months like in Argentina. So we don't have a comparison with the previous year because we started now. So we are only presenting information for this

of results not 9 months like in argentina so we don't have a comparison with the previous year because we started now so we are only presenting information for this


So I wanted to hear from you what you expect in the coming months? If it's a problem on the supply side, on the demand side? And what's your risk appetite right now and even considering everything we know about the economy?

so i wanted to hear from you what you expect in the coming months if it's a problem on the supply side on the demand side and what's your risk appetite right now considering everything we know about the economy


The third message is that our commercial teams are fully mobilized to outperform and definitely contribute to an acceleration of SUEZ growth. Many contracts have been renewed

the third message is that our commercial teams are fully mobilized to outperform and definitely contribute to an acceleration of sls growth many contracts have been renewed


These statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements.

these statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements


we expect any tax expense or benefit for the company in fiscal 2017 will be near 0. To further explain this, any tax rate used to generate an income tax expense or benefit

we expect any tax expense or benefit for the company in fiscal 2017 will be near 0 to further explain this any tax rate used to generate an income tax expense or benefit


for same-store sales growth in general would be? And then also with Park City now firmly integrated into operations, I was just wondering if you could talk for a moment about the growth opportunity you think there that could benefit you next ski season?

growth -- for same-store sales growth in general would be and then also with park city now firmly integrated into your operations i was just wondering if you could talk for a moment about the growth opportunities you face there that could benefit you next ski season


specific changes in seasonality. I don't expect a material difference in our overall seasonality as a result of the addition of Smart. I think you hit it on the head there, Tom. As we see

specific changes in seasonality i don't expect a material difference in our overall seasonality as a result of the addition of smart i think you hit it on the head there tom as we see


into using LNG. And that has also enabled infrastructure to be quite nicely built out at this point in time. So we're -- we work with a variety of different fuel

into using lng and that has also enabled infrastructure to be quite nicely built out at this point in time so we're -- we work with a variety of different fuel


Many people, especially millennials, are light category consumers. They enjoy discovery and seek out new experiences. And maybe for some, Johnnie Walker feels like a big brand.

many people especially millennials are light category consumers they enjoy discovery and seek out new experiences and maybe for some johnnie walker feels like a big brand


but it would be a high risk for progression not all would eventually progress. So what mixture of kind of progression data as well as immunogenicity results in your mind would serve as proof of concept of the strategy?

but it would be a high risk for progression not all would eventually progress so what mixture of kind of progression data as well as immunogenicity results in your mind would serve as proof of concept of the strategy


to date, which have led to the previously announced research agreement and a variety of other potential collaboration and research discussions with several of the top global biopharmaceutical and biotech companies.

to date which have led to the previously announced research agreements and a variety of other potential collaboration and research discussions with several of the top global biopharmaceutical and biotech companies


The agreement has been approved by our primary regulator. Fannie Mae and Freddie Mac are completing their reviews, and we expect they will allow full credit under the PMIERs for the ceded risk.

the agreement has been approved by our primary regulator fannie mae and freddie mac are completing their reviews and we expect they will allow full credit under the pmiers for the ceded risk


But our effort is to make sure, first of all, that we're integrating the hospitals that we've bought recently into the company well. And I think, in our results that you see

but our effort is to make sure first of all that we're integrating the hospitals that we bought recently into the company well and i think in our results that you see


It's important to remember unless you knew exactly the monthly flow of sales, you can't calculate DSO. And I think externally people just take the whole quarter without understanding the flow,

it's important to remember unless you knew exactly the monthly flow of sales you can't calculate dso and i think externally people just take the whole quarter without understanding the flow


driven by the lower trade stock levels associated with DSD. As we've said, this is also the market where we had the majority of our lost consumption due to the July 4 holiday timing.

driven by the lower trade stock levels associated with dsd as we've said this is also the market where we had the majority of our lost consumption due to the july 4 holiday timing


we believe that there will be a pick up in that. And so we're optimistic that we're doing the right things. And when it comes back,

we believe that there will be a pickup in that and so we're optimistic that we're doing the right things and when it comes back


I would also note that no shares of common stock were repurchased in the first quarter under our current share repurchase authorization. Our cash reserves are more than ample to support our growth initiatives.

i would also note that no shares of common stock were repurchased in the first quarter under our current share repurchase authorization our cash reserves are more than ample to support our growth initiatives


from where they were at the half year last year, really as a result of the ERFs now being constructed and built out, and that interest is now coming through into the profit and loss account for the funding that we have in place for those.

from where they were at the half year last year really as a result of the erfs now being constructed and built out and that interest is now coming through into the profit and loss account for the funding that we have in place for those


just give more color on the sort of choices you made to deploy capital elsewhere versus buy back stock in the quarter, when the average of the stock was still at a fairly attractive price?

just give more color on the sort of choices you made to deploy capital elsewhere versus buy back stock in the quarter when the average of the stock was still at a fairly attractive price


We believe we could offer greater performance and value to the intensive user that are superior to their present power source like lead acid batteries, hydrogen, propane and other Lithium Ion.

we believe we could offer greater performance and value to the intensive user that are superior to their present power source like lead acid batteries hydrogen propane and other lithium ion


with very strong indication of share growth within each of these new served markets. And of course, we remain focused to protect and grow the share of the high-value offerings within our present served markets.

with very strong indication of share growth within each of these new served markets and of course we remain focused to protect and grow the share of the high-value offerings within our present served markets


We're also in the process of really investing in the future, and Aram mentioned some of that, where we're going to look at things that we need to do today to be able to get to 2025. He mentioned some of those

we're also in the process of really investing in the future and i mentioned some of that where we're going to look at things that we need to do today to be able to get to 2025 justin mentioned some of those


outcomes before moving to a full-scale launch. From a product supply standpoint, we're working with our manufacturing partner to ramp up production in order to meet the strong demand that we're seeing

clinical outcomes before moving to a full-scale launch from a product supply standpoint we're working with our manufacturing partner to ramp up production in order to meet the strong demand that we're seeing


We have no further updates since the last conference call. We continue to cooperate fully with the SEC. And although we cannot predict the outcome, based on what we know to date, we do not expect this matter to have a material impact on the company.

we have no further updates since the last conference call we continue to cooperate fully with the sec and although we cannot predict the outcome based on what we know today we do not expect this matter to have a material impact on the company


We'll begin our call today by commenting on forward-looking statements. Certain statements made during this presentation as well as other information provided from time to time by Generac or its employees may contain forward-looking statements

we'll begin our call today by commenting on forward-looking statements certain statements made during this presentation as well as other information provided from time to time by generac or its employees may contain forward-looking statements


demand as well as physician demand to be quite a lot more than looking at the current market as a static market and then trying to figure out how much impact the J code would have.

demand as well as physician demand to be quite a lot more than looking at the current market as a static market and then trying to figure out how much impact that j-code would have


Such statements are based on assumptions of future events that may not prove to be accurate, and as such, they involve risk and uncertainty. It's therefore possible that actual results may materially differ from any forward-looking statements that we might make today.

such statements are based on assumptions of future events that may not prove to be accurate and as such they involve risk and uncertainty it's therefore possible that actual results may materially differ from any forward-looking statements that we might make today


We expect to welcome additional partnerships throughout 2019. I'd like to end my remarks by recognizing the extraordinary generosity of our customers.

we expect to welcome additional partnerships throughout 2019 i'd like to end my remarks by recognizing the extraordinary generosity of our customers


and in parallel, performing a healthy volunteer SAD study to identify a potential therapeutic dose for the acutely AML patients and then taking that potential therapeutic dose directly into AML patients.

and in parallel performing a healthy volunteer sad study to identify a potential therapeutic dose for the acutely aml patients and then taking that potential therapeutic dose directly into aml patients


That being said, we've never come out and said exactly what we believe the ending cash balances that we're seeking, but we're very clear that we're using our new capital allocation strategy to make sure that we continue to work that balance down in a really thoughtful way.

that being said we've never come out and said exactly what we believe the ending cash balances that we're seeking but we're very clear that we're using our new capital allocation strategy to make sure that we continue to work that balance down in a really thoughtful way


setting the stage for what we believe will be a banner group year for our portfolio. We witnessed notable improvements in 2019 pace in key markets like Chicago and New York throughout the quarter,

setting the stage for what we believe will be a banner group year for our portfolio we witnessed notable improvements in 2019 pace in key markets like chicago and new york throughout the quarter


combined to the new clients, but we are certainly going back and marketing to the base that you now have available more modules that you can turn on. So I think there's certainly an opportunity there, but we're not going to rush it and kind of blitz the base.

combine to the new clients but we are certainly going back and marketing to the base that you now have available more modules that you can turn on so i think there's certainly an opportunity there but we're not going to rush it and kind of blitz the base


Reported pricing was flat but was positive, excluding a negative customer mix as we began recovering the higher power costs from the first half of the year in our merchant business.

reported pricing was flat but was positive excluding a negative customer mix as we began recovering the higher power costs from the first half of the year in our merchant business


The increase was largely focused on a few specific objectives. For example, we integrated our ideel operations, moving ideel distribution into our Kentucky facility and integrating ideel into the Groupon site.

the increase was largely focused on a few specific objectives for example we integrated our ideal operations moving ideal distribution into our kentucky facility and integrating ideal into the groupon site


In addition, the prior year quarter's rate was unusually high as a result of a reserve against certain accumulated tax loss balances, which made up 15 percentage points in the prior year quarter.

in addition the prior year quarter's rate was unusually high as a result of a reserve against certain accumulated tax loss balances which made up 15 percentage points in the prior year quarter


We are excited about the growth potential for this innovative new area and expect to begin sales early in next fiscal year. Now I'll turn to upholstery fabrics.

we are excited about the growth potential for this innovative new area and expect to begin sales early in next fiscal year now i'll turn to upholstery fabrics


that they can flex the scale, scaling of how fast they can scale our various initiatives that we have has been a really important aspect of how we've thought about the vendor consolidation. So

that they can flex the scale scaling of how fast they can scale our various initiatives that we have has been a really important aspect of how we've thought about the vendor consolidation so


And to date, I would say, unless you disagree, Mike, that the amount of risk that a retailer is willing to take to put their sales at risk is just not happening. Right, right. I think the most important thing David had said is that from a retailer perspective,

and to date i would say unless you disagree mike that the amount of risk that a retailer is willing to take to put their sales at risk is just not happening right i think the most important thing david said is that from a retailer perspective


notably related to anticipated improved K-Cup economics and upcoming innovation that will support sustained growth for our Coffee and snacking segments.

notably related to anticipated improved k-cup economics and upcoming innovation that will support sustained growth for our coffee and snacking segments


May, I believe, is the next scheduled session. So if we do come to an agreement, the impact would be in the latter half of the year, and we have not built any of that into our guidance at this point in time.

may i believe is the next scheduled session so if we do come to an agreement the impact would be in the latter half of the year and we have not built any of that into our guidance at this point in time


coupled with pricing pressure brought on by aggressive competition and continued weakness in certain markets. This loss of margin was only partially offset by the material cost savings achieved by the company's supply chain improvement initiatives.

coupled with pricing pressure brought on by aggressive competition and continued weakness in certain markets this loss of margin was only partially offset by the material cost savings achieved by the company's supply chain improvement initiatives


Jeff will have more of an explanation on the restructuring costs and the reversal of the tax valuation allowance, but both of these reflect our efforts to have the most efficient global manufacturing and operational organizations going forward.

jeff will have more of an explanation on the restructuring costs and the reversal of the tax evaluation allowance but both of these reflect our efforts to have the most efficient global manufacturing and operational organizations going forward


We lowered our volume expectations for the year, which lowered our guidance range. This is due to compression of shipping days and the timing of large projects that we know we're going to ship.

we lowered our volume expectations for the year which lowered our guidance range this is due to compression of shipping days and the timing of large projects that we know are going to ship


Forward-looking statements are subject to a number of assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements, and we undertake no obligation to update or revise any forward-looking statements.

forward-looking statements are subject to a number of assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements and we undertake no obligation to update or revise any forward-looking statements


capacity to meet demand all year long. And as the volumes grow, we keep matching the volume. So our network is so big and so global now that it wouldn't show up on the radar.

capacity to meet demand all year long and as the volumes grow we keep matching the volume so our network is so big and so global now that it wouldn't show up on the radar


We're excited about the progress that we've made and even more excited about the accomplishments soon to come. We look forward to reporting on our continued progress. Operator, we can now open the call for questions.

we're excited about the progress that we've made and even more excited about the accomplishments soon to come we look forward to reporting on our continued progress operator we can now open the call for questions


relative to the trends from the second quarter. Our cost forecast for the year is higher than we last reported. I'm not real happy about that. We're certainly not satisfied with that.

relative to the trends from the second quarter our cost forecast for the year is higher than we last reported i'm not real happy about that we're certainly not satisfied with that


not as much as we had in previous presidential elections on a pro forma basis. But if you just look at the Hillary Clinton campaign in the markets that we're so heavily in, in the Midwest and the Great Lakes area, for instance,

not as much as we had in previous presidential elections on a pro forma basis but if you just look at the hillary clinton campaign in the markets that we're so heavily in in the midwest and the great lakes area for instance


in coming years, it's going to be time to up the dividend? Or would you prefer to allocate capital towards growth potentially including acquisitions?

in coming years it's going to be time to up the dividend or would you prefer to allocate capital towards growth potentially including acquisitions


Could you give us a sense for how much of this margin expansion would you expect to come from restructuring versus the subsequent optimization once your new footprint is established and static?

could you give us a sense for how much of this margin expansion would you expect to come from restructuring versus the subsequent optimization once your new footprint is established and static


adjust their formats, importantly, have capital to do that. And we want to be supportive of them, and we want to have shopping centers that give them the flexibility to do that,

adjust their formats importantly have capital to do that and we want to be supportive of them and we want to have shopping centers that give them the flexibility to do that


We believe that these actions will continue to help us elevate the brand and drive profitable sales growth in this region. Now let me provide you with an update on our restructuring activities related to the global brand management initiative.

we believe that these actions will continue to help us elevate the brand and drive profitable sales growth in this region now let me provide you with an update on our restructuring activities related to the global brand management initiative


and we expect to conclude agreements with others during the balance of 2017. Our current program time lines with these customers would result in initial revenue during Q4 of this year.

and we expect to conclude agreements with others during the balance of 2017 our current program timelines with these customers would result in initial revenue during q4 of this year


We saw hesitation in the release of similar larger projects in the second half of 2018, largely due to significant fluctuations in oil prices and increasing uncertainty on a variety of economic fronts.

we saw hesitation in the release of similar larger projects in the second half of 2018 largely due to significant fluctuations in oil prices and increasing uncertainty on a variety of economic fronts


I am really proud to see us deliver on this deal, and we are just getting started. And with that said, I also want to add that we are working to add more assets to our pipeline.

i am really proud to see us deliver on this deal and we are just getting started and with that said i also want to add that we are working to add more assets to our pipeline


the fold as it relates to our pipeline. We're continuing to explore opportunities across all 3 of our primary market sectors. And so again, we're going to continue to evaluate those and stay disciplined to our approach. But

in the fold as it relates to our pipeline we're continuing to explore opportunities across all 3 of our primary market sectors and so again we're going to continue to evaluate those and stay disciplined to our approach but


such equipment would be written up to an appraised fair market value. Once the equipment has book value again, it reinitiates the accounting depreciation process.

such equipment would be written up to an appreciate -- an appraised fair market value once the equipment has book value again it reinitiates the accounting depreciation process


Supported by our 2015 performance, we believe these investments will enable the company to grow at an accelerated pace and faster than the broader market with higher returns on invested capital.

supported by our 2015 performance we believe these investments will enable the company to grow at an accelerated pace and faster than the broader market with higher returns on invested capital


this afternoon. We're always happy when we can all be in the same place and have an opportunity to talk to the market. And we're even happier when we can put out some of the results that we've done over the last 24 hours. So

this afternoon we're always happy when we can fall in the same place and have an opportunity to talk to the market and we're even happier when we can put out some of the results that we've done over the last 24 hours so


Noticed that you had a little bit of an increase in some biz dev expenses in the quarter. So if you could talk about how you're thinking about acquisitions or potentially where some of those targets might be and what you're seeing in terms of seller expectations.

noticed that you had a little bit of an increase in some biz dev expenses in the quarter so if you could talk about how you're thinking about acquisitions or potentially where some of those targets might be and what you're seeing in terms of seller expectations


relative to last quarter, where it was up in spite of the higher interest but it had lower working capital usage. When we look at the inflow of cash from payables going up,

relative to last quarter where it was up in spite of the higher interest but it had lower working capital usage when we look at the inflow of cash from payables going up


Not only will this platform allow us to greatly enhance the customer and user experience, but will allow us to use advanced analytics to personalize and provide relevant advice on an ever broader scope of product that we are incubating.

not only will this platform allow us to greatly enhance the customer and user experience but will allow us to use advanced analytics to personalize and provide relevant advice on an ever broader scope of products that we are incubating


On our executive management team, 11 of the 15 members are new to the bank since 2014. We need to execute on our plan and lead our teams with passion and purpose.

on our executive management team 11 of the 15 members are new to the bank since 2014 we need to execute on our plan and lead our teams with passion and purpose


So I think you'll continue to see us adjust spending, both in absolute as well as by mix of spending based on where the opportunities are, our innovation portfolio, et cetera, but

so i think you'll continue to see us adjust spending both in absolute as well as by mix of spending based on where the opportunities are our innovation portfolio et cetera but


improving our way of optimizing the existing assets, before we get into new investments and enhancing the bottlenecks at existing compared to the needs of the markets.

improving our way of optimizing the existing assets before we get into new investments and enhancing the bottlenecks that are existing compared to the needs of the markets


It's pretty simple, Bryan. We commented during our investor day back in October that we had been looking at a variety of strategic alternatives for our select portfolio.

no it's pretty simple brian we commented during our investor day back in october that we had been looking at a variety of strategic alternatives for our select portfolio


that -- at a high level that's what we're thinking. That being said, because of the market, and how challenging it is, I wouldn't expect a lot of investment into the rental fleet until we see a more constructive

that -- at a high level that's what we're thinking that being said because of the market and how challenging it is i wouldn't expect a lot of investment into the rental fleet until we see a more constructive


relative to other kiosks in similar malls or in the same mall. And we were just at a disadvantage, and I'll talk -- because that lack of new product activity

relative to other kiosks in similar malls or in the same mall and we were just at a disadvantage and i'll talk because that lack of new product activity


While demand was strong in the second and third quarters last fiscal year, we projected that this fiscal year, demand would be weak in the second and third quarters but would increase greatly in the fourth quarter.

while demand was strong in the second and third quarters last fiscal year we projected that this fiscal year demand would be weak in the second and third quarters but would increase greatly in the fourth quarter


also goes into our capital return strategy, where we say that we are -- we do return a great amount of our earnings every year to our shareholders over the long-term, but most of that

also goes into our capital return strategy where we say that we are -- we do return a great amount of our earnings every year to our shareholders over the long term but most of that


Looking ahead to 2017, we expect to continue executing on our balanced capital allocation strategy that includes growth through both acquisitions and organic investments

looking ahead to 2017 we expect to continue executing on our balanced capital allocation strategy that includes growth through both acquisitions and organic investments


All 4 operating divisions are on track for their growth targets against the GAP program, so we feel confident not only about the activity but also about the projected return rates.

all 4 operating divisions are on track for their growth targets against the gap program so we feel confident not only about the activity but also about the projected return rates


We have a lot more cross-border innovations, taking successes from one market, introduce it in other markets, often under local brands, but the same product and based on the same consumer insight.

we have a lot more cross-border innovations taking successes from one market introduce it in other markets often under local brands but the same product and based on the same consumer insight


and it's breadth. In other words, every single slice included or just some of the slices included. One of the things that we've discussed with some of the players in the industry is even the prospect of a rolling metric. In other words,

and it's breadth in other words every single slice included or just some of the slices included one of the things that we've discussed with some of the players in the industry is even the prospect of a rolling metric in other words


and I was just incredibly impressed. And they're really fired up about being part of Nielsen and having a much bigger platform on which to demonstrate all the great things that they can do in the marketplace.

and i was just incredibly impressed and they're really fired up about being part of nielsen and having a much bigger platform on which to demonstrate all the great things that they can do in the marketplace


Revenue at Solutions increased 5% from the prior period in 2015, driven by a higher volume of covered mobile devices globally and strong growth in vehicle protection.

revenue at solutions increased 5% from the prior period in 2015 driven by a higher volume of covered mobile devices globally and strong growth in vehicle protection


For example, the sale of Employee Benefits to Sun Life Financial closed on March 1. We expect the dividend cash proceeds to the holding company starting this quarter, subject to regulatory approval.

for example the sale of employee benefits to sun life financial closed on march 1 we expect the dividend cash proceeds to the holding company starting this quarter subject to regulatory approval


in the spring and hopefully soon will be that we will be hitting it hard on a lot of our local water, smaller burn work, and the intent there would be to ramp up at faster

in the spring and hopefully soon will be that we will be hitting it hard on a lot of our local water smaller burn work and the intent there would be to ramp up faster


In addition, we've developed a significant private fund business where we market our U.S. direct lending products directly to institutional investors, a distribution channel that wasn't meaningful to us 5 years ago. If

in addition we've developed a significant private fund business where we market our u s direct lending products directly to institutional investors a distribution channel that wasn't meaningful to us 5 years ago


Now this will give clients greater capital investment flexibility as well as the ability to leverage each of our organization's respective strengths in cloud solutions.

now this will give clients greater capital investment flexibility as well as the ability to leverage each of our organization's respective strengths in cloud solutions


If you're doing that in terms of being more price competitive, does that inevitably mean that there's going to be upside pressure to your combined ratio simply because you'll still be reserving conservatively with regards to Ogden? Or is there a compensating factor?

um if you're doing that in terms of being more price competitive does that inevitably mean that there's going to be upside pressure to your combined ratio simply because you'll still be reserving conservatively with regards to organic um or is there a compensating factor


just over half of which will come from the Peninsula acquisition and the balance expected to come from the recently announced Clear Lam acquisition, which we expect to close shortly.

just over half which will come from the peninsula acquisition and the balance expected to come from the recently announced clearlam acquisition which we expect to close shortly


Subscription revenue begins the day we sign a contract and is recognized ratably over the lifetime of that contract. ARR shows the annual recurring revenue at a particular point in time.

subscription revenue begins the day we sign a contract and is recognized ratably over the lifetime of that contract arr shows the annual recurring revenue at a particular point in time


So that was a lawsuit filed against several station owners and operators, including us, and the allegations of that complaint are completely meritless, and we will defend ourselves vigorously.

so that there was a lawsuit filed against several station owners and operators including us and the allegations of that complaint are completely meritless and we will defend ourselves vigorously


described so correctly, the overall ambition is to keep the margin positively stable. And that's what we think we will be reaching also for this year, as I pointed out before. We now expect

described so correctly the overall ambition is to keep the margin positively stable and that's what we think we will be reaching also for this year as i pointed out before we now expect


we still have to defend, because obviously some of our competitors are also looking for more attractive accounts. So the market is competitive, it's there but there are some specific accounts

we still have to defend because obviously some of our competitors are also looking for more attractive accounts so the market is competitive it's there but there are some specific accounts


Overall, for the year, we expect a slight increase in net working capital with an increase in the first half of the year and a decrease in the second half consistent with historical trends.

overall for the year we expect a slight increase in net working capital with an increase in the first half of the year and a decrease in the second half consistent with historical trends


On the West Coast, we continue to ramp up our work on Purple Line Section 2 in Los Angeles with the construction of the tunnel launch pit commencing in

on the west coast we continue to ramp up our work on purple line section 2 in los angeles with the construction of the tunnel launch pit commencing in century city


Relative to where your contracted that's slightly below, I think if I'm doing my math right, can you talk me through the dynamics there, is there something specific to 4Q where your

relative to where you're contracted that's slightly below i think if i'm doing my math right can you talk me through the dynamics there is there something specific to 4q where you're


we were not expecting a different time of onset. But it does appear that in the trial so far our nadir is achieved by 6 weeks,

we were not expecting a different time of onset but it does appear that in the trial so far our nadir is achieved by 6 weeks


Do you think Advanced's decision to join the bidding for the 1800 would imply that their financial -- would imply Advanced's financial strength and nullify the probability of NCPO approving the matter?

do you think advance's decision to join the bidding for the 1800 would imply that their financial -- would imply advance's financial strength and nullify the probability of ncpo approving the matter


interesting exercise as we try to do this. And if you look through the announcement we've made recently, there are some places where it's been, depending upon the stage of development,

interesting exercise as we try to do this and if you look through the announcement we've made recently there are some places where it's been depending upon the stage of development


I think one thing we're certainly clear about is that now, we are able to accurately measure what the rural part of the country or the rural audiences are watching.

i think one thing we're certainly clear about is that now we are able to accurately measure what the rural part of the country or the rural audiences are watching


any adjustment up or down is de minimis. We expect our margins for the balance of the year to be consistent with what you have seen in the second quarter, which we feel very good about

the -- any adjustment up or down is de minimis we expect our margins for the balance of the year to be consistent with what you have seen in the second quarter which we feel very good about


paid down all of your debt. So I think you can check that off of your potential uses of cash list. So just in terms of uses of cash going forward,

paid down all of your debt so i think you can check that off of your potential uses of cash list so just in terms of uses of cash going forward


And the kind of, I don't know how to name it, but the nice move of the government in France, which says, okay, I want to have more connectivity, and I'm ready

and the kind of -- i don't know how to name it but the nice move of the government in france which says okay i want to have more connectivity and i'm ready


on the credit risk transfer investment benefited from market-driven value changes due to credit spread tightening, in addition to ongoing income related to the investment.

on the credit risk transfer investment benefited from market-driven value changes due to credit spread tightening in addition to ongoing income related to the investment


With nearly 2 patrol cars for every 3 officers and the increasingly positive feedback from our trials, we see the Axon Fleet in-car camera as a tremendous opportunity to extend our capabilities.

with nearly 2 patrol cars for every 3 officers and the increasingly positive feedback from our trials we see the axon fleet in-car camera as a tremendous opportunity to extend our capabilities


Factors driving these volume fluctuations include client work shifting offshore or nearshore, marketing campaign and service strategy choices, product design and demand changes,

factors driving these volume fluctuations include client work shifting offshore or nearshore marketing campaign and service strategy choices product design and demand changes


and we continue to advance strategic opportunities to add value. For example, several quarters ago and in advance of improved market activity, we announced the consolidation of our service organization under a common leadership team.

and we continue to advance strategic opportunities to add value for example several quarters ago and in advance of improved market activity we announced the consolidation of our service organization under a common leadership team


So you can fully expect us to always be vigilant on cost. But particularly when you have a transaction such as this, one has to be very careful that stranded costs are looked at and that they're eliminated.

so you can fully expect us to always be vigilant on costs but particularly when you have a transaction such as this one has to be very careful that stranded costs are looked at and that they're eliminated


In terms of the upsize of the term loan, that's not necessarily something we would be considering at this stage. I think, we're looking primarily to the reinsurance to help us there.

in terms of the upsize of a term loan that's not necessarily something we would be considering at this stage i think we're looking primarily to the reinsurance to help us there


our commitment to leadership and quality and patient safety is recognized by the National Patient Safety Foundation for the number of LifePoint leaders who are certified professionals in patient safety.

our commitment to leadership in quality and patient safety is recognized by the national patient safety foundation for the number of lifepoint leaders who are certified professionals in patient safety


Many friends will ask how we can manage this very huge ecosystem. I think, in terms of management, one important point

many friends will ask how we can manage this very huge ecosystem i think in terms of management one important point


Also to extend our market reach and assist our product rollout, we have underway a comprehensive program involving meetings with key opinion leaders, customers and advisers in the molecular diagnostics community.

also to extend our market reach and assist our product rollout we have underway a comprehensive program involving meetings with key opinion leaders customers and advisors in the molecular diagnostics community


that we have productized to help businesses improve digital engagement with their customers and enhance customer experience to create greater satisfaction and brand loyalty.


that has great growth opportunities moving forward, and you may see us doing more in an inquisitive way relative to that space. So we're real high on what we've done and what we positioned and what we're targeting.

that has good growth opportunities moving forward and you may see us doing more in an acquisitive way relative to that space so we're real high on what we've done and what we've positioned and what we're targeting


We have a strong viewpoint that a technology-enabled services offering delivers superior outcomes than a software alone or relative to the combination of fragmented solutions in use at hospitals today.

we have a strong viewpoint that a technology-enabled services offering delivers superior outcomes than a software alone or relative to the combination of fragmented solutions in use at hospitals today


you can't really tell so much about what's going to happen after that because if you all recall a couple of months ago, we also felt very differently about the pulp prices in the first

you can't really tell so much about what's going to happen after that because if you all recall a couple of months ago we all felt very differently about the pulp prices in the first


that for the most part has turned out to be pretty much where we had expected and wanted it to turn out. So, it's not a material consideration to us at the moment.

that for the most part has turned out to be pretty much where we had expected and wanted it to turn out so it's not a material consideration to us at the moment


We view increases in our gross profit as a critical indicator that we are on the right track by driving up collections and driving down COGS to generate an ever-increasing gross profit to cover the OpEx and other costs of running our business.

we view increases in our gross profit as a critical indicator that we are on the right track by driving up collections and driving down cogs to generate an ever-increasing gross profit to cover the opex and other costs of running our business


the Q4 has not played like the earlier quarters of the year and so we're trying to take some of that knowledge we've gained into account as we think about where we believe the fourth quarter's going to go. In terms of the revenue profile,

the q4 has not played like the earlier quarters of the year and so we're trying to take some of that knowledge we've gained into account as we think about where we believe the fourth quarter is going to go in terms of the revenue profile


Our Corporate Development team is working diligently to pursue and evaluate target acquisitions while we remain cognizant of our internal hurdle rates and return metrics, ensuring disciplined investment decisions.

our corporate development team is working diligently to pursue and evaluate target acquisitions while we remain cognizant of our internal hurdle rates and return metrics ensuring disciplined investment decisions


I was hoping to get a little bit more detail in terms of why you have confidence that, that business will increase. Obviously, it's kind of been a little bit of a wildcard over the last several quarters,

yes i was hoping to get a little bit more detail in terms of why you have confidence that that business will increase obviously it's kind of been a little bit of a wildcard over the last several quarters


towards debt reduction. Is there also a mechanism, all right, that kind of mandates that free cash flow has to be prioritized towards debt reduction? I seem to recall that you have a free cash flow sweep

towards debt reduction is there also a mechanism all right that kind of mandates that free cash flow has to be prioritized towards debt reduction i seem to recall that you have a free cash flow sweep


we are now in a position to say that EFC expects to convert to a real estate investment trust or REIT during the first half of 2019, barring an unforeseen impediments. In connection with such a conversion,

we are now in a position to say that efc expects to convert to a real estate investment trust or reit during the first half of 2019 barring any unforeseen impediments in connection with such a conversion


a very narrow line of torque and tension products manufactured by Hydratight, and then we did carry a few complementary lines but not widely distributed and mostly placed in the rental fleet for our own use.

a very narrow line of torque tension products manufactured by hydrotite and then we did carry a few complementary lines but not widely distributed and mostly placed in the rental fleet for our own use


pad pitch where they're having to upgrade and you're seeing more of an upgrade cycle now than you have in the past? Is there something different now than there has been in the last couple of years as to why that business is so strong?

pad pitch where they're having to upgrade and you're seeing more of an upgrade cycle now than you have in the past is there something different now than there has been the last couple of years as to why that business is so strong


during 2016. Excessive trailer age remains a challenge for fleets and provides further support to forecast and expectations for strong new trailer demand

for 2016 excessive trailer age remains a challenge for fleets and provides further support to forecasts and expectations for strong new trailer demand


While there was plenty of innovation activity over the past 2 years, the results clearly show the innovation was insufficient to sustain growth, primarily because it was subpar in its execution.

while there was plenty of innovation activity over the past 2 years the results clearly show the innovation was insufficient to sustain growth primarily because it was subpar in its execution


to drive more investments in some of these areas, and clients want to grow faster with us in some of these geographies. But having said that, it will not be at the cost of margins.

to drive more investments in some of these areas clients want to grow faster with us in some of these geographies but having said that it will not be at the cost of margins


into transaction and outcome-based models. So it does tend to work very well. I think what you're seeing in terms of the growth in FTE for WNS, similar to the growth that we've seen in our customer interaction services

into transaction and outcome-based models so it does tend to work very well i think what you're seeing in terms of the growth in fte for w ns similar to the growth that we've seen in our customer interaction services


In Travel Network, with the anniversary of the acquisition of our Asia Pacific business on July 1, revenue and bookings growth over the balance of the year will return to normalized growth rates reflecting our global footprint.

in travel network with the anniversary of the acquisition of our asia pacific business on july 1 revenue and bookings growth over the balance of the year will return to normalized growth rates reflecting our global footprint


but it's strange that you're using Texas rates as of January 12, yet you're still experiencing all this lag? I'm just a little confused by that.

but it's strange that you're using texas rates as of january 12 yet you're still experiencing all this lag i'm just a little confused by that


We believe we're going to get it. They want it for the REV process and then the distribution improvement program, which is the grid modernization. So those are the 2 that are in the highly likely category.

we believe we're going to get it they want it for the rev process and then the distribution improvement program which is the grid modernization so those are the 2 that are in the highly likely category


Another area of success has come from the creation of a global supply chain and procurement organization, which is driving cost savings across the business and stronger management of our global supply base.

another area of success has come from the creation of a global supply chain and procurement organization which is driving cost savings across the business and stronger management of our global supply base


In the same presentation, what we said was that we split them to the different years to set the goals and to communicate the market the degree of achievement of this efficiency plan.

in the same presentation what we said was that we split them through the different years to set the goals and to communicate the market the degree of achievement of this efficiency plan


And that's part of the total picture of why it's very critical for us to win those domains, because we know that many others are a given.

and that's part of the total picture of why it's very critical for us to win those domains because we know that many others are a given


and I wish you a very nice day. Thank you.

and i wish you a very nice day thank you


What we've uncovered during the first 6 to 9 months of our launch was that our sales team was adding a lot of customers, we've actually added thousands of customers to our call universe

what we've uncovered during the first 6 to 9 months of our launch was that our sales team was adding a lot of customers we've actually added thousands of customers to our call universe


from his beginning. We're really happy with the way our properties are performing. We really love our competitive position. We like the offering that we have and we like the fact that in many cases,

from his beginning we're really happy with the way our properties are performing we really love our competitive position we like the offering that we have and we like the fact that in many cases


We are committed to continuing to lead our industry with innovative new products that help our customers monetize their video assets while optimizing our operating expenses to drive profitability.

we have committed to continuing to lead our industry with innovative new products that help our customers monetize their video assets while optimizing our operating expenses to drive profitability


quick turnaround, high value-added processing, they really put the pedal to the metal because they realize that their sales dollars were going to go down, not necessarily their tons,

quick turnaround high value-added processing they really put the pedal to the metal because they realized that their sales dollars were going to go down not necessarily their tons


demonstrated to us that there are many sophisticated and experienced investors with solar track records who recognize the value proposition created by the addition of storage and control systems


from an order booking point of view? Do you think that will be maintained? Or are we in such a volatile period that you can't really say that about what's going to happen in Q1? Well,

from an order booking point of view do you think that will be maintained or are we in such a volatile period that you can't really say that about what's going to happen in q1 well


About half of that investment is going to drive insurance broking policies, which has already begun and the other half will go to drive new travel volume across the year.

about half of that investment is going to drive insurance broking policy which has already begun and the other half will go to drive new travel volume across the year


This reduced participation is consistent with our expanding strategy of incorporating third capital in our operations. Across broader business lines, the primary driver of growth was in specialty lines.

this reduced participation is consistent with our expanding strategy of incorporating third capital in our operations across broader business lines the primary driver of growth was in specialty lines


Looking ahead, we expect to see modest increases in operating expense as we continue to make investments in business development efforts that we expect to positively impact our revenue generation going forward.

looking ahead we expect to see modest increases in operating expense as we continue to make investments in business development efforts that we expect to positively impact our revenue generation going forward


We expect improvements in our cash conversion cycle, combined with our capital-light business model, will help ensure we remain at or near the top of the pack in free cash flow and will ultimately help us improve our return on capital employed.

we expect improvements in our cash conversion cycle combined with our capital-light business model will help ensure we remain at or near the top of the pack in free cash flow and will ultimately help us improve our return on capital employed


The general perception is that cigarette sales are in decline, but I was wondering if the general tobacco category is in decline given the popularity of electronic cigarettes and derivative products.

the general perception is that cigarette sales are in decline but i was wondering if the general tobacco category is in decline given the popularity of electronic cigarettes and derivative products


we now have the ability to build these parts, and we will do so if it is necessary. With that as a backdrop, you've now seen the impact on our business that a downturn can have.

we now have the ability to build these parts and we will do so if it is necessary with that as a backdrop you've now seen the impact on our business that a downturn can have


it's something that we're giving a lot of thought to. Obviously, we thought it was very important that we announced that the first patient had been dosed. We have always been very transparent with the data

it's something that we're giving a lot of thought to obviously we thought it was very important that we announced that the first patient had been dosed we have always been very transparent with the data


so that it can conserve cash. And we've -- as you will see with some announcements here this year, as I mentioned earlier, some big -- some large retailers,

so that it can conserve cash we've -- as you will see with some announcements here this year as i mentioned earlier some big -- some large retailers


These benefits are expected to be partially offset by higher depreciation expense, the unfavorable impact from the contractual pass-through of indexed deflation and the unfavorable impact from further reductions in inventories.

these benefits are expected to be partially offset by higher depreciation expense the unfavorable impact from the contractual pass-through index deflation and the unfavorable impact from further reductions in inventories


Now last year, we completed a series of debt refinancing transactions that improved our capital structure and significantly lowered our overall annual cash interest expense.

now last year we completed a series of debt refinancing transactions that improved our capital structure and significantly lowered our overall annual cash interest expense


Demand remained strong in the quarter and we started to see energy rebound on higher oil prices. Most end markets, including energy, experienced strong organic sales increases in the quarter.

demand remained strong in the quarter and we started to see energy rebound on higher oil prices most end markets including energy experienced strong organic sales increases in the quarter


But content is not our only opportunity to drive more recurring revenue. In addition to our core solutions and the continued upside opportunity around our recruiting and HR suites,

but content is not our only opportunity to drive more recurring revenue in addition to our core solutions and the continued upside opportunity around our recruiting and hr suites


there. I know you were -- I think last quarter you were talking about sort of moving certain processes for standard products in-house. Does the margin guidance consider that action? And what other actions are you taking to boost margins this year?

there i know you were -- i think last quarter you were talking about sort of moving certain processes for standard products in-house does the margin guidance consider that action and what other actions are you taking to boost margins this year


of the changes that we have made over the last few years related to our product mix, and how we believe that strategy has and will continue to have a positive impact on our results.

of the changes that we have made over the last few years related to our product mix and how we believe that strategy has and will continue to have a positive impact on our results


that the net result will be a significant reduction in the risk of our insured portfolio, which should greatly improve our liquidity mismatch and the overall stability of our financial condition.

that the net result will be a significant reduction in the risk of our insured portfolio which should greatly improve our liquidity mismatch and the overall stability of our financial condition


Now why not go faster? Obviously, we have leases of these facilities in both businesses, we're going to go break leases early just to bring these together, but we'll bring those together over time because we see a lot of benefits.

now why not go faster obviously we have leases of these facilities in both businesses we're not going to go break leases early just to bring these together but we'll bring those together over time because we see a lot of benefits


we were able to -- our full order book we knew what the margin was in it, we were completely protected. And we were then able to work with the suppliers about not taking a price increase, reengineering some of the product

we were able to -- our full order book we knew what the margin was in it we were completely protected and we were then able to work with the suppliers about not taking a price increase reengineering some of the product


We also know that the value proposition for small-ticket businesses is speed and convenience, so we are highly focused on using process renewal to also improve the customer experience, which reinforces our growth objectives.

we also know that the value proposition for small-ticket businesses is speed and convenience so we are highly focused on using process renewal to also improve the customer experience which reinforces our growth objective


So we are waiting with interest what is going to happen in September, because it's in September that the government will discuss with municipalities and the

so we are waiting with interest what is going to happen in september because it's in september that the government will discuss with municipalities and


In Canada, Prime Minister Trudeau's commitment to increase infrastructure investment is contributing to new momentum, as evidenced by the recently passed budget that included strong support for transportation investment.

in canada prime minister trudeau's commitment to increase infrastructure investment is contributing to new momentum as evidenced by the recently passed budget that included strong support for transportation investment


billing and care to Broadsmart. We expect this to significantly improve the speed with which we onboard new hotel customers, given their superior track record in servicing

billing and care to broadsmart we expect this to significantly improve the speed with which we onboard new hotel customers given their superior track record in servicing


I would have expected France to be growing a little bit quicker than that. I appreciate it's a competitive market, but it's the digital poster child for the group. Do you expect it to be growing -- at the kind of group levels do you expect Europe to be matching those group levels?

i would have expected france to be growing a little bit quicker than that i appreciate it's a competitive market but it's a digital poster child for the group do you expect it to be growing at the kind of group levels do you expect europe to be matching those group levels


and intensity of medical care required and the procedures needed for these patients during those 17 days in the intensive care unit and the 25 days that are required in the hospital.


we're going to do that. And that -- and I'll put that -- anything we own in that category. We're activists here. We're going to do something if it looks to us like we can make our business better by selling a piece of it, we're going to do that.

we're going to do that and i'll put that -- anything we own in that category we're activists here we're going to do something if it looks to us like we can make our business better by selling a piece of it we're going to do that


and we will continue to dedicate our efforts to focusing on our core business, eliminating unprofitable initiatives, advancing key technologies and improving our financial performance.

and we will continue to dedicate our efforts to focusing on our core business eliminating unprofitable initiatives advancing key technologies and improving our financial performance


I assume that you're talking more around the LNG. I would tell you that -- and Andrea has got some great statistics on where we are built out relative to CNG and LNG in the European markets. But

i assume that you're talking more around the lng i would tell you that andrea's got some great statistics on where we are built out relative to cng and lng in the european market but


In an environment where access to capital is constrained, we believe that we are well positioned to take advantage of sensible and suitable opportunities that exist for those with such access.

in an environment where access to capital is constrained we believe that we are well positioned to take advantage of sensible and suitable opportunities that exist for those with such access


Forward-looking statements in this presentation are subject to a number of risks and uncertainties. Actual results, performance, prospects or opportunities could differ materially from those expressed or implied by the forward-looking statements.

forward-looking statements in this presentation are subject to a number of risks and uncertainties actual results performance prospects or opportunities could differ materially from those expressed or implied by the forward-looking statements


We also expect leisure transient demand to remain steady and a primary driver of lodging results. Business transient is the one segment that has the most risk, and we are watching it closely.

we also expect leisure transient demand to remain steady and a primary driver of lodging results business transient is the one segment that has the most risk and we are watching it closely


We also continue to make strong inroads into the customer bases of our various acquisitions. Noninterest expense actually came in below the second quarter level versus the increase we anticipated.

we also continue to make strong inroads into the customer bases of our various acquisitions non-recurring expense actually came in below the second quarter level versus the increase we anticipated


and some additional impact because we've decided that our best path forward is continue -- to continue to accelerate our integration projects and get them behind us, so that we can get back to a clear focus on operational execution.

and some additional impact because we've decided that our best path forward is continue -- to continue to accelerate our integration projects and get them behind us so that we can get back to a clear focus on operational execution


We will be referring to these historical results in our comparisons during this call. Tax reform gave us the opportunity to invest and grow our customer base.

we will be referring to these historical results in our comparisons during this call tax reform gave us the opportunity to invest and grow our customer base


adding solutions, capability in our Test and Measurement and Materials Analysis. And seeing where we can also grow our Industrial Controls and Industrial Monitoring businesses

adding solutions capability in our test and measurement and materials analysis and seeing where we can also grow our industrial controls and industrial monitoring businesses


of 1995. Such statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contained in any such statements.

of 1995 such statements are subject to risks uncertainties and other factors that may cause actual results to differ materially from those contained in any such statements


where we think -- we know there's some good opportunity there, we just -- we're not going to put a number on it quite yet today. But we'll -- as that develops and becomes, I think, something we have a better line of sight to, we'll be more comfortable talking to that in the quarters ahead.

where we think -- we know there's some good opportunity there we just -- we're not going to put a number on it quite yet today but we'll -- as that develops and becomes i think something we have a better line of sight to we'll be more comfortable talking to that in the quarters ahead


With our exceptional team, comprehensive product set and integrated service offering, bolstered by the addition of an industry leader like Alpha, EnerSys is very well positioned to compete for the long term.

with our exceptional team comprehensive product set and integrated service offering bolstered by the addition of an industry leader like alpha enersys is very well positioned to compete for the long term


But if I get a new win today, a new listing today, I don't ship it for 6 months in that business. So that's really where we see kind of the June and September quarter being much stronger in that particular unit.

but if i get a new win today a new listing today i don't ship it for 6 months in that business so that's really where we see kind of the june and september quarter being much stronger in that particular unit


was that an opportunistic move on your part, or was it more strategic? And if it was strategic, can you drill down more into that? Why China? Why now? And the second question is on

was that an opportunistic move on your part or was it more strategic and if it was strategic can you drill down more into that why china why now and the second question is on


Sure, Ali. It's really the result of conversations our account managers have had with our large commercial and industrial accounts, so we know we're going to be seeing more load come on in the second half of the year.

sure ollie it's really the result of conversations our account managers have had with our large commercial and industrial accounts so we know we're going to be seeing more load come on in the second half of the year


Before turning the agenda over to Doug, I want to provide our perspective on the new bundling initiatives given the level of interest this topic has generated over the last several days.

before turning the agenda over to doug i want to provide our perspective on the new bundling initiatives given the level of interest this topic has generated over the last several days


what necessarily happened there, and what your outlook is going forward. Again, I know you addressed some of this. I'm just trying to get a little bit better of a sense for what really happened there, because it was a little bit more of a -- maybe a slightly disappointing number than what I think some people were looking for.

what necessarily happened there what your outlook is going forward again i know you addressed some of this i'm just trying to get a little bit better of a sense for what really happened there because it was a little bit more of a -- maybe a slightly disappointing number than what i think some people were looking for


Leveraging this will also be key as we continue to build out the platform and product offering, and again, is one of the key benefits we bring to partnerships. I will now turn the call over to Greg to review financial results. Greg?

leveraging this will also be key as we continue to build out the platform and product offering and again is one of the key benefits we bring to partnerships i will now turn the call over to greg to review financial results greg


We want to exploit the attractive niche growth markets in which we play and think about attractive adjacencies to drive organic growth and find an operating rhythm for the businesses.

we want to exploit the attractive niche growth markets in which we play and think about attractive adjacencies to drive organic growth and find an operating rhythm for the businesses


In addition, NAPCO continue to gain traction on the heels of the successful launch of our comprehensive line of StarLink commercial fire and intrusion alarm communicators,

in addition napco continued to gain traction on the heels of the successful launch of our comprehensive line of starlink commercial fire and intrusion alarm communicators


Unit cost excluding fuel and currency effect increased slightly in the second quarter, but here, we see the opposite effect of a rather challenging comparative basis in the last year.

unit costs excluding fuel and currency effects increased slightly in the second quarter but here we see the opposite effect of a rather challenging comparative basis in the last year


Given the market opportunity for BPM in fiscal 2017 and beyond, WNS must continue to invest in our business in order to meet the changing needs of our clients.

given the market opportunity for bpm in fiscal 2017 and beyond wns must continue to invest in our business in order to meet the changing needs of our clients


We are now focusing more of our attention on driving higher inventory turns through a prudent approach to inventory management and driving higher sales through our expert team model.

we are now focusing more of our attention on driving higher inventory turns through a prudent approach to inventory management and driving higher sales through our expert team model


are still the same, namely electrical, and we also believe there may be some select opportunities in aerospace. But those are the 2 industries that we've been spending most of our time on.

are still the same namely electrical and we also believe there may be some select opportunities in aerospace but those are the 2 industries that we've been spending most of our time on


part of the change as you said, what changes you're making. We're hiring people, upgrading the team and really getting people that can take us to the next level. As we start to look at some of the solutions like Access and having to sell maybe a broader portfolio of

part of the change is you said hey what changes you're making we're hiring people upgrading the team and really getting people that can take us to the next level as we start to look at some of the solutions like access and having to sell maybe a broader portfolio of


These were -- results were primarily driven by improved pricing, operational improvements in sub-performing accounts and an improvement in insurance and claims expense as a percentage of our revenue excluding fuel.

these results were primarily driven by improved pricing operational improvements in subperforming accounts and an improvement in insurance and claims expense as a percentage of our revenue excluding fuel


and they continue to work tirelessly and safely to maintain our grid stability. And for that, we thank you. Turning to Slide 5. I will discuss the latest developments on our Texas rate case filing in more detail.

and they continue to work tirelessly and safely to maintain our grid stability and for that we thank you turning to slide 5 i will discuss the latest developments on our texas rate case filing in more detail


unless you want to feel the same way as I do, and I don't recommend that. But anyhow, I wanted to talk a little bit about the business environment before stepping into more specifically about our performance.

unless you want to feel the same way as i do and i don't recommend that but anyhow i wanted to talk a little bit about the business environment and before stepping into more specifically about our performance


The table shows that we've continued to be successful in being able to run down our cost base in line with our policy runoff. This is underpinned by the variable cost nature of our outsource relationships.

the table shows that we've continued to be successful in being able to run down our cost base in line with our policy runoff this is underpinned by the variable cost nature of our outsource relationships


This will enable us to accelerate our growth ambitions and to tap into the deep networks of experienced global leaders in alternative asset investment management.

this will enable us to accelerate our growth ambitions and to tap into deep networks of experienced global leaders in alternate asset investment management


for the retailer and for Valvoline. And so key for us is to really grow our share through innovation and effective consumer promotion, effective trade promotion

for the retailer and for valvoline and so key for us is to really grow our share through innovation and effective consumer promotion effective trade promotion


related to the bond issuance and bad debt write-off. We consider this cost base to be adequate to address our expected growth and expect to gain operating leverage as we advance through the year.

related to the bond issuance and bad debt write-off we consider this cost base to be adequate to address our expected growth and expect to gain operating leverage as we advance through the year


that takes also a few months. And then once the account is open, that's the first time that we start seeing the inflow where the client can send the money and then we start investing the money. So is a lengthy process from the moment that the person resign until

that takes also a few months and then once the account is open that's the first time that we start seeing the inflow where the client can send the money and then we start investing the money so it's a lengthy process from the moment that the person resigns until


The partnership is currently constructing additional connectivity and expanding pipelines to provide more optionality for Midwest refiners. In addition to continuing expansion in the Marcellus and Utica,

the partnership is currently constructing additional connectivity and expanding pipelines to provide more optionality for midwest refiners in addition to continuing expansion in the marcellus and utica


We entered 2018 energized by the opportunities in front of us and excited to deliver against our plan for user growth, augmented reality and content. I'll now hand over the call to Imran for a discussion of our business results.

we entered 2018 energized by the opportunities in front of us and excited to deliver against our plan for user growth augmented reality and content i'll now hand over the call to emron for a discussion of our business results


As we have discussed with them, now that we are a fully operating company, now that we have been audited, we've moved the number of employees from the original booking center of 35 employees to roughly 1,300 today.

as we have discussed with them now that we are a fully operating company now that we have been audited we've moved the number of employees from the original booking center of 35 employees to roughly 1 300 today


including as a result of retirement. While we have been successfully replacing the headcount, it will take some time for our new producers to reach the level of productivity contributed by our more seasoned producers.

including as a result of retirement while we have been successful in replacing the headcount it will take some time for our new producers to reach the level of productivity contributed by our more seasoned producers


to represent good businesses for our customers in terms of schedule and reliability and good businesses for us in terms of profit margin


funds generated by operations and capital investment. These measures do not have any standardized meaning under IFRS and as a result, they may not be comparable to similar measures presented in other entities.

funds generated by operations and capital investment these measures do not have any standardized meaning under ifrs and as a result they may not be comparable to similar measures presented in other entities


While the recent announcements involving ZTE and Huawei present new uncertainties, we currently expect limited effect on short-term business in China. I'll explain that in further detail later in the call.

while the recent announcements involving zte and huawei present new uncertainties we currently expect limited effect on short-term business in china i'll explain that in further detail later in the call


by delivering an unrivaled subscriber experience will remain our focus as we expand into new markets and become Calix, the cloud software platform systems and services company.

by delivering an unrivaled subscriber experience will remain our focus as we expand into new markets and become calix the cloud software platform systems and services company


Importantly, based on the remaining 2017 CAF II sites to be closed out this year and the continued implementation of process improvements on new projects,

importantly based on the remaining 2017 caf ii sites to be closed out this year and the continued implementation of process improvements on new projects


And so I would encourage you to think about that number holistically and that's why we look at it as kind of a all-encompassing number on revenue coverage versus just looking at it from a subscription

and so i would encourage you to think about that number holistically and that's why we look at it as kind of a all-encompassing number on revenue coverage versus just looking at it from a subscription


Should we interpret that as a new commitment to tesa? And because, previously, it was described as noncore and as a potential financial asset. So please, can you let us know your

should we interpret that as a new commitment to taser because previously it was described as non-core and as a potential financial asset so please can you let us know your


In 2016, expenses rose incrementally due to the expansion of our sales force, management hires and operations in the latter half of the year and the now normalized level of rent expense.

in 2016 expenses rose incrementally due to the expansion of our sales force management hires and operations in the latter half of the year and the now normalized level of rent expense


and growing profits and limiting our CapEx to generate cash to pay down debt and strengthen our balance sheet. Early in the year, our earnings will be lower

and growing profits and limiting our capex to generate cash to pay down debt and strengthen our balance sheet early in the year our earnings will be lower


In summary, we are very pleased with the fourth quarter operating and financial results as our assets continue to perform producing consistent, predictable and growing cash flows.

in summary we are very pleased with the fourth quarter operating and financial results as our assets continue to perform producing consistent predictable and growing cash flows


And so I hope, through good execution, the market will come to appreciate that regardless of the underlying corporate tax rate, that this is value-enhancing and the right way to position this company for the long term.

and so i hope through good execution the market will come to appreciate that regardless of the underlying corporate tax rate that this is value enhancing and the right way to position this company for the long term


When you are fighting a battle, when your soldiers come to you, say, they are out of ammunition, you won't check before you give them more ammunition.

when you are fighting a battle when your soldiers come to you say they are out of ammunition you won't check before you give them more ammunition


will be organized. As you can guess, we are working on different assumptions. So at this point, we don't want to make any statements on these figures. Caution

will be organized as you can guess we are working on different assumptions so at this point we don't want to make any statements on these figures you know caution


This provides the agent with valuable insight to where the customer has been, whether on their website or in the IVR, and gives the agent insights into customer intentions prior to them even speaking to the customer.

this provides the agent with valuable insight for where the customer has been whether it's on their website or in the ivr and gives the agent insight into customer intentions prior to them even speaking to customers


These achievements reflect the common purpose and desire across our businesses to deliver without fail for our customers, to exceed their expectations and to improve performance each and every day.

these achievements reflect the common purpose and desire across our businesses to deliver without fail for our customers to exceed their expectations and to improve performance each and every day


can you just explain what went wrong during the first 3 quarters of the fiscal '18 where organically that business was declining? And what changed to lead us to growth and with that growth accelerating going into the next year?

can you just explain what went wrong during the first 3 quarters of fiscal '18 where organically that business was declining and what changed to lead us to growth and with that growth accelerating going into the next year


But specifically is that what we have to do is to match demand to our production capability. So that's what we're looking at right now, specifically in tube and cores to make sure that

but specifically is that what we have to do is to match demand to our production capability so that's what we're looking at right now specifically in tubing cores to make sure that


Thanks, Jimmie. I hope everyone had a chance to review our earnings release from last night. Just as the third quarter was important to show what our team could do in a short period of time, this quarter was critical for a different reason.

thanks jimmy i hope everyone had a chance to review our earnings release from last night just as the third quarter was important to show what our team could do in a short period of time this quarter was critical for different reasons


No, it's not a liquidity problem in any way, shape or form. We have -- we're very liquid security, and the market has a significant appetite for the security. So it's really more the cost of that equity capital to us and

oh it's not a liquidity problem in any way shape or form we have -- we're very liquid security and then the market has a significant appetite for the security so it's really more the cost of that equity capital to us and


we are stymied in many areas, continue to be, and I expect to have a meeting in the next 2 weeks and try to, in some manner, determine when we can gear back up

we are stymied in many areas continue to be and i expect to have a meeting in the next 2 weeks and try to in some manner determine when we can gear back up


We have not disclosed how large the book is, but I had said when we had brought the team on that success will not be measured by hundreds of millions but by billions. And I will tell you that they have been successful.

we have not disclosed how large the book is but i had said when we had brought the team on that success will not be measured by hundreds of millions but by billions and i would tell you that they have been successful


And I just wanted to walk you through the main drivers in 2015 of that capital book decrease. So the first one was the small shortfall in our operating cash flow compared to our dividend.

and i just wanted to walk you through the main drivers in 2015 of that capital book decrease so the first one was the small shortfall in our operating cash flow compared to our dividend


But the primary focus of Funding Stream is a product for small businesses. They will be focused primarily on our existing customer base where we've already adjudicated them. We already understand what the credit risk is.

but the primary focus of funding stream is a product for small businesses they'll be focused primarily on our existing customer base where we've already adjudicated them we already understand what the credit risk is


that telematics or better claims adjustment or handling, creating a better picture of our customers giving certain services, additional services,

telematics or better claims adjustment or handling creating a better picture of our customers giving certain services additional services


We've looked at every microdisplay company, and no company can make that technology, the brightness we had and the enormous contrast we have even at the very bright

we've looked at every micro display company and no company can make that technology the brightness we have and the enormous contrast we have even at the very bright


These high standards that we set for our benchmark communities' homebuilding operations are driving our transformation to a leading regional homebuilders, focused on margin enhancement, scalability and strong returns.

these high standards that we set for our benchmark communities homebuilding operations are driving our transformation to a leading regional homebuilder focused on margin enhancement scalability and strong returns


I joined ZPG just over a year ago. And some of you might remember how nervous I used to make Rachael by counting and sharing the number of days in that I was and I think she is really pleased that I've stopped sharing that with you.

i joined fpg just over a year ago and some of you might remember how nervous i used to make rachel by counting and sharing the number of days in that i was and she's really pleased that i've stopped sharing that with you


The improvement in net income was primarily the result of Centennial incurring a lower operating loss in the 2016 first quarter than it did in the prior year first quarter, partially offset by a decline in Hamilton Beach's results.

the improvement in net income was primarily the result of centennial incurring a lower operating loss in the 2016 first quarter than it did in the prior year first quarter partially offset by a decline in hamilton beach's results


And we feel good about that because we're getting scale, and we're getting economies out of it. And while the investment is all up front, we feel like we'll accelerate this growth and accelerate the volume of the company pretty quickly.

and we feel good about that because we're getting scale and we're getting economies out of it and while the investment is all upfront we feel like we'll accelerate this growth and accelerate the volume of the company pretty quickly


This is due to the fact that we brought forward some planned maintenance activities early in 2015 in order to accelerate efficiencies in the second half of the year.

this is due to the fact that we brought forward some planned maintenance activities early in 2015 and in order to accelerate efficiencies in the second half of the year


being worked on. Also there was an interesting event in the next few weeks. We launched Envo, energy for you, and the main focus here

being worked on also there was an interesting event in the next few weeks we launched envol energy for you and the main focus here


We currently have signed leases for 5 additional new stores to open in fiscal 2019 and beyond. We continue to monitor new store performance and remain comfortable with our targeted store openings.

we currently have signed leases for 5 additional new stores to open in fiscal 2019 and beyond we continue to monitor new store performance and remain comfortable with our targeted store openings


ceramic versus tantalum. You say you see more tightness in ceramic, and how that's guiding where you're allocating your capacity? And also in the context of where you see your peers allocating the new capacity?

ceramic versus tantalum you say you see more tightness in ceramic and how that's guiding where you're allocating your capacity and also in the context of where you see your peers allocating their new capacity